A party is related to the Group if the party directly or indirectly controls, is controlled by, or is under common control with the Group, has an interest in the Group that gives it significant influence over the Group, has joint control over the Group or is an associate or a joint venture of the Group. In addition, members of the key management personnel of the Group or close members of the family are also considered related parties.
The following tables reflect related party transactions and transactions with associated companies:
Statement of comprehensive income
IN MILLIONS OF USD |
2017 | 2016 | 2015 | |||||||||
| PURCHASE OF GOODS FROM | ||||||||||||
| International Operations & Services (USA) | – | 37.2 | 38.4 | |||||||||
| International Operation & Services (UY) SA | 67.4 | 27.3 | 7.9 | |||||||||
| Hudson News Distributors 1 | 12.2 | 15.6 | 19.2 | |||||||||
| Hudson RPM 1 | 8.5 | 5.0 | 4.3 | |||||||||
| PURCHASE OF SERVICES FROM | ||||||||||||
| Dufry International AG, Franchise fees expense | (50.6 | ) | (42.9 | ) | (35.9 | ) | ||||||
| World Duty Free Group SA, Franchise fees expense | – | (7.2 | ) | (6.5 | ) | |||||||
| Nuance Group AG, Franchise fees expense | – | – | (1.8 | ) | ||||||||
| Dufry Finance SNC, Interest expenses | – | (26.6 | ) | (24.6 | ) | |||||||
| Dufry International AG, Interest expenses | (28.6 | ) | (2.5 | ) | (0.2 | ) | ||||||
| Dufry Financial Services B. V., Interest expenses | (0.9 | ) | – | – | ||||||||
| Dufry Management AG, IT expenses | (1.3 | ) | – | – | ||||||||
| World Duty Free Group SA, Service fee expenses | (0.2 | ) | – | – | ||||||||
| OTHER OPERATIONAL INCOME FROM | ||||||||||||
| Dufry International AG, Debt waiver | 9.4 | – | – | |||||||||
| SALES OF SERVICES TO | ||||||||||||
| Nuance Group (Chicago) LLC 2 | 0.9 | – | – | |||||||||
| 1 | Hudson News Distributors and Hudson RPM are controlled by James S. Cohen, a member of Hudson’s board of directors |
| 2 | Transactions with associated companies |
Statement of financial position
IN MILLIONS OF USD |
2017 | 2016 | ||||||
| ACCOUNTS RECEIVABLES AT DECEMBER 31 | ||||||||
| Hudson RPM, other receivables 1 | 0.8 | – | ||||||
| Nuance Group (Chicago) LLC 2 | 0.1 | – | ||||||
| ACCOUNTS PAYABLES AT DECEMBER 31 | ||||||||
| Dufry International AG, Loans payable, long-term | 468.7 | 475.2 | ||||||
| Dufry International AG, Loans payable, short-term | 13.1 | – | ||||||
| Dufry Financial Services B. V., Loans payable, long-term | 51.7 | – | ||||||
| Dufry Financial Services B. V., Loans payable, short-term | 67.6 | – | ||||||
| International Operations & Services (USA), trade payables | – | 14.8 | ||||||
| International Operation & Services (UY) SA, trade payables | 31.5 | 13.9 | ||||||
| Hudson News Distributors, trade payables 1 | 0.1 | 0.9 | ||||||
| Hudson RPM, trade payables 1 | – | 0.5 | ||||||
| Dufry International AG, Fee payables | 1.8 | 50.5 | ||||||
| Dufry International AG, Other payables | 7.2 | 7.6 | ||||||
| Dufry Financial Services B. V., Other payables | 0.2 | – | ||||||
| World Duty Free Group UK Ltd, Other payables | 0.3 | – | ||||||
| Dufry Management AG, Fee payables | 0.1 | – | ||||||
| Dufry Management AG, Other payables | 0.3 | – | ||||||
| 1 | Hudson News Distributors and Hudson RPM are controlled by James S. Cohen, a member of Hudson’s board of directors |
| 2 | Transactions with associated companies |
Board members and executives
The compensation to key executives for the services provided during the respective years include all forms of consideration paid, payable or provided by the Group, including compensation in Dufry shares as follows:
IN MILLIONS OF USD |
2017 | 2016 | 2015 | |||||||||
| Salaries | 3.6 | 3.2 | 3.0 | |||||||||
| Variable payment | 2.9 | 2.7 | 2.5 | |||||||||
| Non-monetary benefits | 0.1 | 0.1 | 0.1 | |||||||||
| Share based payments | 4.6 | 0.6 | 0.6 | |||||||||
| Total | 11.2 | 6.6 | 6.2 | |||||||||
During this period the Group had no board members.